Lake Street Capital Issues Pessimistic Forecast for Butterfly Network (NYSE:BFLY) Stock Price

Butterfly Network (NYSE:BFLY - Free Report) had its price objective decreased by Lake Street Capital from $5.00 to $4.00 in a report published on Monday,Benzinga reports. Lake Street Capital currently has a buy rating on the stock.

Separately, William Blair initiated coverage on Butterfly Network in a research note on Monday, March 17th. They issued an "outperform" rating on the stock.

Butterfly Network Price Performance

Shares of NYSE BFLY traded up $0.04 during midday trading on Monday, hitting $2.31. The stock had a trading volume of 347,660 shares, compared to its average volume of 2,878,539. The firm has a market cap of $561.15 million, a P/E ratio of -5.02 and a beta of 2.59. Butterfly Network has a fifty-two week low of $0.82 and a fifty-two week high of $4.98. The company's 50-day simple moving average is $2.45 and its 200 day simple moving average is $3.07.

Butterfly Network (NYSE:BFLY - Get Free Report) last announced its quarterly earnings data on Friday, May 2nd. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.03. Butterfly Network had a negative net margin of 129.25% and a negative return on equity of 42.68%. The business had revenue of $21.23 million for the quarter, compared to analyst estimates of $21.16 million. Equities analysts expect that Butterfly Network will post -0.35 EPS for the current fiscal year.

Insider Activity

In other Butterfly Network news, CEO Joseph Devivo sold 320,215 shares of the firm's stock in a transaction that occurred on Friday, April 25th. The shares were sold at an average price of $2.44, for a total transaction of $781,324.60. Following the sale, the chief executive officer now directly owns 7,249,789 shares in the company, valued at approximately $17,689,485.16. This trade represents a 4.23 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Heather C. Getz sold 65,456 shares of the company's stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $2.20, for a total transaction of $144,003.20. Following the completion of the transaction, the executive vice president now owns 2,919,274 shares of the company's stock, valued at $6,422,402.80. This trade represents a 2.19 % decrease in their position. The disclosure for this sale can be found here. 27.28% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Total Wealth Planning & Management Inc. acquired a new position in Butterfly Network during the 1st quarter worth approximately $25,000. TradeLink Capital LLC acquired a new position in Butterfly Network during the first quarter worth $25,000. Ground Swell Capital LLC bought a new position in Butterfly Network in the fourth quarter valued at $32,000. Y Intercept Hong Kong Ltd acquired a new stake in Butterfly Network in the 4th quarter valued at $34,000. Finally, Steel Grove Capital Advisors LLC bought a new stake in Butterfly Network during the 1st quarter worth about $34,000. 37.85% of the stock is currently owned by institutional investors.

About Butterfly Network

Butterfly Network, Inc develops, manufactures, and commercializes ultrasound imaging solutions in the United States and internationally. It offers Butterfly iQ, a handheld and single-probe whole body ultrasound system; Butterfly iQ+ and iQ3 ultrasound devices that can perform whole-body imaging in a single handheld probe integrated with the clinical workflow, and accessible on a user's smartphone, tablet, and almost any hospital computer system; and Butterfly iQ+ Vet, a handheld ultrasound system designed for veterinarians.